ZCL composite material company acquired dualam plastic company
recently, Canadian ZCL composite material Co., Ltd., a manufacturer of oil storage tanks, acquired Duala m Plastic Co., Ltd. under the strong guidance of the Department of raw materials industry Dualam Plastics Co., Ltd., located in Montreal, Quebec, Canada, is an expert in composite products for corrosion-resistant applicationsVen CT é, CEO and President of ZCL composites Co., Ltd., said: "The acquisition of dualam Plastics Co., Ltd. is one of our company's development strategies, which is of great significance to expand our company's popularity and share in the corrosion-resistant product market. Dualam Plastics Co., Ltd. is a very respected company. In the past few years, it regards product quality and customer satisfaction as the reputation of the company, showing a strong growth momentum in the process of development. Since its inception in 1999, the China Industrial Expo"
ven CT é also said: "as we have said in the past, we believe that there are huge business opportunities in the corrosion-resistant product market. With the participation of the strong team of dualam Plastic Co., Ltd., I firmly believe that now we can fully improve our company's share in the corrosion-resistant product market."Dualam Plastics Co., Ltd. has eight offices in Canada and the United States, providing fiber reinforced plastics (FRP) and double-layer composite materials used in corrosion-resistant applications designed according to customer requirements. Corrosion resistant application devices are mainly used in power generation systems, chemical industry, chlor alkali industry, paper industry and other industrial sectors. The two main branches of dualam Plastics Co., Ltd. are CPF dualam and Troy manufacturing company The main business of ZCL composite materials Co., Ltd. is to produce and send composite liquid storage systems made of glass fiber reinforced plastic, including the production of underground and aboveground oil storage tanks and related products
zcl composites Co., Ltd. signed a share purchase contract on the Toronto Stock Exchange (TSX), which stipulated that the acquisition of all issued share capital of dualam Plastics Co., Ltd. by ZCL composites Co., Ltd. took effect on January 4, 2010. According to the final account adjustment, the final purchase price reached was US $20.5 million, including cracks in the use process, including the working capital and the compensation provided to the seller after the company was closed. The contract also includes an earn out clause, so that the seller can obtain another $6million fund within two years after the acquisition according to the predetermined criteria
as of November 30, 2008, the consolidated income of dualam Plastics Co., Ltd. in the fiscal year was nearly $44million, and the profit before interest, tax, depreciation and amortization (EBITDA) was about $4.5 million
explanation of terms:
earn out refers to the transaction mode that changes the traditional one-time payment method into payment according to the performance in a certain period of time in the future due to the inconsistent judgments of both parties on value and risk. It is similar to the often said gambling agreement. It just doesn't involve the operation authority, only the reward plan
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